According to a new report from Allied Market Research titled “Golf Equipment Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023“The global golf equipment market size was estimated at $ 8,156 million in 2016 and is projected to reach $ 9,666 million by 2023, with a CAGR of 2.2% from 2017-2023.
Golf is a popular sport among business people as it is used as a means of closing business deals. Golf equipment consists of various items that are essential to playing the sport of golf and also crucial to provide the player with an enriched experience. Golf equipment includes golf balls, golf shoes, golf clubs, and other aids such as wedges and putters. The key factors driving the golf equipment market are the increasing disposable income of consumers, the growth of professional and amateur golfers, and the trend of golf tourism due to the establishment of golf courses around the world. However, factors such as full working hours, which lead to a lack of recreational activities, and high membership costs, which lead to fewer registrations, are hampering the global growth of the golf equipment market.
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The main players in the market are Acushnet Holdings Corp. (USA), Roger Cleveland Golf Company, Inc. (USA), Golfsmith International Holdings, Inc. (USA), Nike, Inc. (USA), Amer Sports Corporation (Finland), Bridgestone Sports Ltd (USA), Sumitomo Rubber Industries Ltd. (Japan), Callaway Golf Company (USA), TaylorMade Golf Company (USA) and PING (USA),
Other golf equipment brands in the value chain include Ben Hogan Golf Equipment Company (USA), Dunlop Sport (UK) and MAMIYA-OP CO., LTD. (Japan).
The golf club segment is expected to dominate the golf equipment industry during the analysis period of the golf equipment market. Various and customizable golf clubs are becoming more popular among consumers, which is expected to increase market demand for the golf club segment. However, the golf ball segment is expected to generate significant consumer demand due to the recurring need for this equipment in golf.
The middle-income population has seen an upswing due to economic growth as a result of the increase in disposable incomes and the decrease in poverty. In 2016, the middle income group was about 3.2 billion people, and that number is projected to grow by 160 million people each year for the next five years, reaching around 4 billion people by 2021, China, India and Indonesia in Asia The Pacific, as well as Africa, the Middle East, and Latin America are expected to see an increase in the middle income groups.
The middle class population in developed economies such as the US, Japan, and European countries is expected to grow at an annual rate of 0.5%, while developing countries such as China and India would grow by 6.0%. or more per year. This population currently spends around $ 35 trillion on infrastructure activities on average, and is expected to spend $ 29 trillion by 2030. When middle class incomes rise above basic needs, consumers can have free funds to spend on goods, services, and recreational activities that can improve their lives. Thus, the growth of the middle class population will lead to an expansion of the consumer base of the golf equipment market
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The golf equipment market is constrained by a region’s economic climate and a particular consumer base; as a result, the number of sales channels is also limited. The specialty stores segment leads the way in golf equipment sales, while the on-course stores segment outperforms equipment sales compared to online stores.
Key Findings of the Golf Equipment Market:
- In terms of value, the golf clubs segment is expected to grow at a CAGR of 1.4% from 2017 to 2023.
- North America is expected to dominate the market in the future with a value-based CAGR of 1.4%, while the Asia-Pacific region is forecast to grow steadily with a value-based CAGR of 4.4% in 2023.
- The specialty store segment had a market share of more than 46.6% of the total golf equipment market in 2016.
- Japan, China and 2016 together made up more than half of the total Asia-Pacific market.
- China is expected to grow in value at a CAGR of 9.1%.
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In 2016, North America made up about half of the total market and is expected to hold its position over the forecast period. Lifestyle development and the increase in consumer disposable income are expected to drive the Asia-Pacific market.